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Tuesday, June 18, 2013

Dish Reevaluates Attempt To Buy Sprint

Dish Networks today offered an update on its bid to acquire Sprint. According to Dish, Sprint's recent legal actions have caused Dish to reevaluate its plans moving forward. It will drop its proposed acquisition of Sprint and will instead concentrate on acquiring Clearwire. "While Dish continues to see strategic value in a merger with Sprint, the decisions made by Sprint to prematurely terminate our due diligence process and accept extreme deal protections in its revised agreement with SoftBank, among other things, have made it impracticable for Dish to submit a revised offer by the June 18th deadline imposed by Sprint. We will consider our options with respect to Sprint, and focus our efforts and resources on completing the Clearwire tender offer." Sprint filed a lawsuit against Dish on Monday seeking to block its bid to acquire Clearwire, calling the proposal illegal.Source: Dish